Lynx Financial Systems has announced that Leek United Building Society has signed a new 5-year contract with Lynx for the ongoing supply and maintenance of the Society's banking systems.
Leek United made a strategic decision early in 2003 to review its existing IT infrastructure and the contract signing follows an extensive review of the marketplace by the Society to investigate the cost and functionality of alternative systems.
Leek United has an existing relationship with Lynx that goes back to 1988, with Lynx playing a key role in developing the Society's systems up until 2003. In early 2003, a decision was made to review the existing IT infrastructure in order to find the most cost effective and efficient solution for the Society, a solution that would enable the Society to accurately forecast IT costs over the next 5 years.
Pauline Fletcher, IT Manager at Leek United explained, "Cost predictability is extremely important for the Society. With major regulatory changes happening over the next 2 years, we were looking for a transparent cost structure that would take into account any major systems changes and with no hidden surprises a couple of years down the line."
Following a thorough review of the marketplace in which other suppliers were considered, Leek United renewed its contract with Lynx for a number of reasons:
- Excellent domain expertise and ongoing commitment to the financial services marketplace - over 50% of the UK's Building Societies have a Lynx system
- The contract offers a cost structure that gives predictability to all costs over the next 5 years
- The latest software version from Lynx, released at the end of December 2003, allows compliance with the new CP186 mortgage regulations
Leek United has an excellent working relationship with Lynx that spans 15 years:
- The Lynx solution was agreed to be the lowest risk option for Leek United, and the Society has a high level of confidence in Lynx beyond the next 5 years
- Lynx has a detailed roadmap in place defining technical and functional system developments due to take place over a rolling 3 year timeframe, and an excellent track record of meeting the roadmap deadlines
Pauline Fletcher commented, "I'm delighted that we have found a solution that satisfies the Society's main objectives and look forward to continuing our relationship with Lynx Financial Systems."
"The relationship with Leek United has always been important to us," explained David Webber, Managing Director of Lynx Financial Systems, "and the team at Lynx have worked hard to demonstrate to the Society that we can meet their strategic objectives. We're starting to see a growing interest in contracts of this type, which have not been common in this sector, with many organisations now looking for long-term predictability of costs. I'm delighted that our contract has been renewed and look forward to support Leek United over future years."